Keiser Report host Max Keiser is as bullish and hopeful as ever that Bitcoin will take over the world. Earlier today, Keiser in response to a post by Zerohedge on Twitter, said Bitcoin will soon become a factor to Turks as cash disappears.
The Turks know what is coming
According to Zerohedge, Turkish residents have been buying and storing hard currency since the beginning of the year. Turks have amassed up to $20 billion in the hard currency because “they know what is coming”, according to Zerohedge. The purchase of hard currency could be a means of survival from a recession that may hit the nation in 2019.
According to CNBC, experts predict a recession that is about to hit Turkey since 2018. The prediction has to do with a downgrade from rating agencies Moody and S&P that id moving Turkey’s debt closer to junk territory, the report says.
“The downgrade reflects our expectation that the extreme volatility of the Turkish lira and the resulting projected sharp balance of payments adjustment will undermine Turkey’s economy, we forecast a recession next year.” S&P Global Ratings said in a statement.
Other countries have turned to Bitcoin
Countries like Venezuela whose currencies have failed have turned to cryptocurrency, majorly Bitcoin and Dash. The Venezuela Bolivar had suffered from hyperinflation for years until it became useless even for domestic purchases. Bitcoin airdrops were made as a donation to the country’s citizens to help them get on their feet despite the launch of their own oil-backed cryptocurrency the Petro.
Venezuela has also faced the same sanctions Turkey is facing with right now and with a massive recession forecast for a nation of 80 million people, citizens storing hard cash for the days to come. However, Keiser believes cash will go away and Bitcoin will become the only way out for Turks, just as it is for the Venezuelans right now. Should the Turks be buying and storing Bitcoin instead of cash?